Wellington: Bangladesh has sought New Zealand’s active support for its membership in the Regional Comprehensive Economic Partnership (RCEP), a three-year extension of its LDC graduation preparation period until November 2029, and the signing of a comprehensive bilateral free trade agreement (FTA).
According to United News of Bangladesh, the proposals were made at a high-level policy meeting held at the headquarters of New Zealand’s Ministry of Foreign Affairs and Trade (MFAT) in Wellington on Tuesday. Bangladesh is aiming to strengthen and diversify its trade and diplomatic relations with New Zealand. The meeting saw the New Zealand delegation led by Sarah Meymand, divisional manager of the Trade Negotiations and Policy Division, and Jonas Holland, unit manager. The Bangladesh delegation was led by Commerce Secretary Md Ataur Rahman Khan and included officials from the Foreign Trade Agreement (FTA) Wing and the Counselor of the Bangladesh High Commission in Wellington, Ishtiaque Ahmed.
Bangladesh presented a detailed roadmap to transform existing commercial ties with New Zealand into a more effective and long-term partnership. The country is seeking New Zealand’s support for joining the RCEP, having already submitted the required questionnaire and pursuing reforms to meet the agreement’s trade standards. These reforms include reducing tariffs on industrial raw materials and high-tech machinery, opening telecommunications, financial, and logistics sectors, and modernizing laws on competition, patents, copyrights, and data protection. Bangladesh also proposed phased tariff flexibility for sensitive products and industries over 15-20 years.
The Bangladesh delegation elaborated on the need for additional time in its LDC graduation process. Bangladesh has applied to the UN General Assembly to extend its graduation preparation period until November 2029, citing both global and domestic circumstances, including the Russia-Ukraine war, ongoing Middle East conflicts, and rising global energy prices and inflation, which have pressured developing economies and those undergoing the graduation process.
The possibility of signing a comprehensive bilateral FTA between Bangladesh and New Zealand was also discussed. Bangladesh has decided to formally initiate FTA negotiations following discussions between the commerce ministers of the two countries ahead of the World Trade Organization’s 14th Ministerial Conference (MC14). An FTA could provide New Zealand with greater access to Bangladesh’s market of nearly 170 million people, particularly for dairy products, agricultural machinery, and metal products.
Bangladesh proposed three measures to strengthen future trade cooperation: establishing an annual Bilateral Trade Policy Consultative Group to review post-LDC market access and RCEP interests; forming a joint working group to initiate FTA negotiations; and enhancing diplomatic coordination in New York to secure New Zealand’s support for Bangladesh’s request for additional time for LDC graduation. The Bangladesh delegation also invited a New Zealand policy-level delegation to visit Bangladesh soon, to which New Zealand authorities responded positively.